CBOT soy lower as South American weather improves
- CBOT January soybean futures settled down 6-1/2 cents at $11.62 per bushel.
- CBOT January soymeal ended down 30 cents at $390.20 per short ton and January soyoil fell 0.48 cent to settle at 37.01 cents per pound.
CHICAGO: Chicago Board of Trade soybean futures tumbled Tuesday as weather in South America improved, strengthening crop prospects, analysts said.
CBOT January soybean futures settled down 6-1/2 cents at $11.62 per bushel.
CBOT January soymeal ended down 30 cents at $390.20 per short ton and January soyoil fell 0.48 cent to settle at 37.01 cents per pound.
Precipitation across crop-producing regions of Argentina and southern Brazil eased worries of soybean stress, with more rain forecast in the coming week.
Brazil's 2020/2021 soybean crop is estimated to be 133.9 million tonnes, up from 133.4 million tonnes, according to financial consulting firm StoneX, driven by an increase in planted area. The firm said Brazilian farmers have planted 38.3 million hectares.
Argentinian agricultural export ports have seen a disruption in cargo movement as a strike by the Argentine Federation of Oilseed Workers has temporarily shut down some ports.
Comments
Comments are closed for this article.